Real estate Law Final

occupied as the family house

A homestead act is a legal life estate in real estate that is

Both A and B a. must be licensed in order to collect compensation b. Need not be licensed if no compensation is involved

A person who sells real estate for others

continuous use

An easement by prescription may be created by

Chattels

Another term for personal property is

subject to the loan

Barry purchased Bob's home without accepting obligation for the existing loan. Barry is said to be buying the house

loan balance, accrued interest and the accumulated cost of the foreclosure action and sale.

Betty is six month behind on her mortgage payments. Foreclosure by public auction has been ordered . The sale has not been completed. Betty may redeem her property by paying the

economic obsolescence

Depreciation resulting from the closing of a large business in a small town is classified as

Executory

During the period after a real estate sales contract is signed but before the title actually passes the status of the contract is

Involuntary Alienation

Eminent domain and escheat are two examples of

grantor

Every deed must be signed by the

density limitations

Examples of zoning ordinances are

tenants at sufferance

Lonnie and Connie had a one year lease that ended Nov 30 They were still living in the apartment as of Dec 12 without a new lease and without the landlords permission they have become

annual crop

Real estate generally includes all of the following EXCEPT

By laws

Restrictions on the type of color of drapes, that are visible to the outside which a condominium owner can use in his unit would be found in the

general warranty

The grantee receives protection with what type of deed

Society of Real Estate Appraisers

The national realtors@ has sponsored many groups further enhance the industry they include all of the following EXCEPT

Eminent domain

The right of a government body to take ownership of real estate for public use is called

uniqueness

The term non homogeneity refers to

an easement in gross

The type of easement that is a right of way for a utility company's power lines

competitive business establishments

Through zoning a community can protect existing land users from all of the following except

will

Title to real estate can be transferred upon death by what type of document?

accompanied by earnest money deposit

Under the statute of frauds, all contracts for the sale of real estate must be

Mortgage first recorded

Unless there is a specific agreement to the contrary the mortgage having first priority will be the

spot zoning

When a property owner obtains permission to open a small business in a residential neighborhood it is an example of

indestructibility

Which of the following is a physical characteristic of land

warranty deed

a grantor warrants the extent and quality of title by using a

a variance

a landowner wishing to deviate slightly from existing zoning codes would ask for

a contract

a meeting of the minds creating enforceable rights called

Damage to the apartment caused by the tenant

a residential apartment tenant would be expected to pay the landlord for

a trustee

a trust is a legal arrangement in which property is held for the benefit of a third party

Escheat to the state

a women who lived in a retirement home and had no relatives her estate would.

monetary consideration

all of the following are essential elements of a contract EXCEPT:

Demographics

detailed information about the age, education, behavior and other characteristics of members of a population group is called

buyer and seller

escrow accounts are opened for the protection of the interests of the

Vendor/Vendee

from the following select the parties to a land sales contract

supply and demand factors

in the most market areas rents are determined by

redecoration of appropriate instruments

of the following the final action to be take to complete and closing is

intelligence quotient (IQ)

over time states have established licensing requirements dealing with all except

special purpose

schools would be considered part of which real estate classification

express contract

the agency relationship of a real estate broker with his client is most often established by

joint tenancy

the for unities of possession, interest, time and title are associated with which of the following.

eminent domain

the power of government to appropriate private property for the public welfare known as

be sued by the buyer for specific performance and damages

the seller decided that he didn't want to sell his house a few days before closing. He can

a deed

the written document showing proof of ownership in real property is

delivered and accepted

title to real property passes to the grantee at the time the deed is

Bill of sale

to transfer ownership of personal property, which document should be used

trustee

when a debt secured by a deed of trust is paid off naked legal title reverts to the borrower from the

The property manager

when a real estate agent is hired to fill apartments, correct property defects, etc he is:

accretion

when land is gradually added to an existing parcel by the action of water, the process

HUD

which agency upon receiving a complain regarding a Fair Housing Act violation investigates

fee simple estate

which estate is the most complete to own

governmental monetary policy

which factor primarily affects supply in the real estate market

severance

which of the following describes the act by which real property can be converted into personal property

shareholder stock

which of the following is MOST likely evidence of ownership in a cooperative

Remainder

which of the following is NOT an example of governmental power

severalty

which of the following refers to ownership by one person

a permission to enter

which of the following would defeat a claim of adverse possession

an attorney acting within his duties as an attorney

who can sell real property without a license?

leesee

who holds a less that freehold estate under a valid lease

a person who solicits buyers and sellers for a broker

who, of the following would be required to have a real estate license

Classified ads/ newspapers

with regard to renting on vacant apartment advertising money is usually most effectively spent on